130731 RESOLUTION NO. 13,073
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3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT
4 ENDORSEMENT OF ARKANSAS GENOMICS, LOCATED IN LITTLE
5 ROCK, ARKANSAS, TO PARTICIPATE IN THE ARKANSAS EQUITY
6 INVESTMENT TAX CREDIT PROGRAM (AS AUTHORIZED BY
7 SECTION 15 -4- 2703[43] OF THE CONSOLIDATED INCENTIVE ACT OF
8 2003); AND FOR OTHER PURPOSES.
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10 WHEREAS, the regulations of the Arkansas Equity Investment Tax Credit Program require
11 local government endorsement of businesses or enterprises that wish to participate in and take
12 advantage of the program, and
13 WHEREAS, Arkansas Genomics has been declared by the management of the Arkansas
14 Equity Investment Tax Credit Program to be an appropriate applicant to benefit from the features
15 of the program, and
16 WHEREAS, Arkansas Genomics is a private forensics laboratory that primarily supports
17 state, county and city governments performing DNA analysis, and
18 WHEREAS, the company will initially have two DNA analysts with an annual salary of
19 $75,000 and intends to expand to up to 12 DNA analysts and 3 management positions, for a
20 expected total of 15 employees within 5 -7 years, and
21 WHEREAS, Arkansas Genomics has agreed to furnish to the management of the Arkansas
22 Equity Investment Tax Credit Program all information necessary to assure compliance with the
23 terms and conditions of the program;
24 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
25 THE CITY OF LITTLE ROCK, ARKANSAS:
26 Section 1. The City endorses and the Mayor is authorized to execute any required Certificate
27 of Local Government Endorsement of Arkansas Genomics, to participate in the Arkansas Equity
28 Investment Tax Credit Program and to be eligible to offer income tax credits to its investors, in
29 accordance with the regulations of the Arkansas Equity Investment Tax Credit Program.
30 Section 2. Severability. In the event any title, section, paragraph, item, sentence, clause,
31 phrase, or word of this resolution is declared or adjudged to be invalid or unconstitutional, such
[PAGE I OF 21
Resolution
To endorse Arkansas Genomics to participate
In the Arkansas Equity Investment Tax Credit Program
1 declaration or adjudication shall not affect the remaining portions of the resolution which shall
2 remain in full force and effect as if the portion so declared or adjudged invalid or
3 unconstitutional were not originally a part of the resolution.
4 Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same, that are
5 inconsistent with the provisions of this resolution, are hereby repealed to the extent of such
6 inconsistency.
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ADOPTED: January 19, 2009
ATTEST:
usanNanVl)A Acting City Clerk
APPROVED AS TO LEGAL FORM:
Thomas M. Carpenter, Ci Attorney
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Resolution
To endorse Arkansas Genomics to participate
In the Arkansas Equity Investment Tax Credit Program
[PAGE 2 OF 21
APPROVFD:
Mark Stodola, Mayor